What is a Will?

A will is the legal instrument that permits a person, the testator, to make decisions on how his estate will be managed and distributed after his death. At Common Law, an instrument disposing of Personal Property was called a "testament," whereas a will disposed of real property. Over time the distinction has disappeared so that a will, sometimes called a "last will and testament," disposes of both real and personal property.

How is that different from a Living Will?

With improvements in modern medicine, the life of persons who are terminally ill or permanently unconscious can be prolonged. For increasing numbers of people, the decision of whether to prolong life is being made in the form of a written document called a living will. The living will is one type of advance directive that may be used by a person before incapacitation to outline a full range of treatment preferences or, most often, to reject treatment.

What is a Trust?

In simplest of terms, a Trust is a relationship created at the direction of an individual, in which one or more persons hold the individual's property subject to certain duties to use and protect it for the benefit of others.

Individuals may control the distribution of their property during their lives or after their deaths through the use of a trust. There are many types of trusts and many purposes for their creation. A trust may be created for the financial benefit of the person creating the trust, a surviving spouse or minor children, or a charitable purpose.

What is an Estate?

An Estate is the degree, quantity, nature, and extent of interest that a person has in Real and Personal Property. When used in connection with probate proceedings, the term encompasses the total property that is owned by a decedent prior to the distribution of that property in accordance with the terms of a will, or when there is no will, by the laws of inheritance in the state of residency of the decedent.

Why should individuals consider Estate Planning?

Estate planning and administration provides an estate owner the opportunity to maximize short and long term life goals. Attorneys often work with certified accountants or other fiscal planners in assisting individuals with the development of a concise plan with supporting legal documents that protect the valued interests of estate owners. Estate planning can provide for a variety of goals such as the reduction in payment of unnecessary taxes; provision of adequate assets after the death of a loved one to cover debts or continue a family business; send children to college; shield assets of a family business from frivolous lawsuit damages; and reduce major life expenses such as mortgages.

Who is an incapacited person?

A person who is unable to manage property and business affairs because of:

Mental illness;

Mental deficiency;

Physical illness;

Infirmities accompanying advanced age;

Chronic use of drugs;

Detention by foreign power;

Disappearance.

What is a Conservator?

A person who is appointed by the court to manage the property of a minor or incapacitated person.

How is a Conservator different from a Guardian?

A person who is appointed by the court to look after the physical and mental welfare of a minor or incapacitated person.

Who can serve as a Conservator?

A family member or any interested person with the priorities as follows:

Conservator appointed in another jurisdiction;

Person selected by incapacitated person;

Person designated by incapacitated person’s power of attorney;

Spouse;

Adult child;

Parent;

Relative with whom ward has lived last six months;

Nominee of person caring for incapacitated person;

General guardian or sheriff.

When can a Conservator be appointed?

A conservator may be appointed when an incapacitated person:

Is unable to manage property and business affairs; and

Has property that will be wasted without proper management, or funds are needed to support the incapacitated person or one entitled to support from the incapacitated person.

What are the Powers and Duties of a Conservator?

Without court authorization the conservator may (A court may limit the authority of a Conservator):

Invest and reinvest funds;

Retain assets;

Receive additions;

Acquire undivided interest;

Deposit funds in financial institutions;

Acquire property;

Dispose of personal property;

Make repairs to building;

Enter leases up to 5 years;

Enter mineral leases;

Grant options up to one year;

Vote securities;

Pay assessments;

Sell or exercise stock options;

Deposit stocks and bonds;

Consent to reorganization, merger of a business;

Insure assets;

Borrow to protect estate;

Settle claims;

Pay reasonable annual compensation to conservator;

Pay taxes and expenses;

Allocate expenses to income;

Pay sum for benefit of protected person;

Employ attorneys, auditors;

Prosecute or defend claims;

Execute and deliver appropriate instruments; and,